TASHKENT (Reuters) – The European Bank for Reconstruction and Development (EBRD) [EBRD.UL] will make $150 million in trade finance facilities available to three Uzbek banks under its coronavirus support package, it said on Thursday.
“The funds will be used to help Uzbek exporters and importers mitigate the disruptions that severe market conditions have caused in trade and supply chains,” it said in a statement.
“Trade finance limits of $60 million to Asaka Bank, $30 million to Ipoteka Bank and $60 million to UzPromstroybank will allow Uzbek businesses to better manage commodity stocks and plan for longer trade cycles.”
EBRD said last month its shareholders had approved a 1 billion euro package of measures to help companies across its region mitigate the economic impact of the pandemic.
(Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov; Editing by Nick Macfie)
